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ReNew to announce merger with RMG Acquisition at $3.7-bn pre-money valuation
While pre money valuation is the equity value before the new round of financing, the post money valuation includes the fresh round of capital injection. Photo: iStock
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Goldman Sachs backed ReNew Power Ventures Pvt. Ltd is set to shortly announce its merger with RMG Acquisition owned by Nasdaq-listed SPAC Riverside Capital Management at a pre money valuation of $3.7 billion, said two people aware of the development.
The merger will be followed by a private investment in public equity (PIPE) deal, wherein existing shareholders may offer their shares for sale. Also, new shares may be issued, resulting in new money of around $1.2 billion.
Goldman-backed ReNew plugs into US public market with US$8 bil blank cheque deal theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
RMG Acquisition Corporation II
ReNew Power, India’s Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction
Wednesday, February 24, 2021 6:44PM IST (1:14PM GMT)
New York, United States & New Delhi, India:
ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (“RMG II”); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW”
Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions
Goldman-backed ReNew Power to list on NASDAQ at $8 billion valuation business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.